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What does each party do in the escrow process?

The Seller
  • Deposits the executed deed to the buyer with the escrow holder.
  • Deposits evidence of pest inspection and any required repair work.
  • Deposits other required documents such as tax receipts, addresses of mortgage holders, insurance policies, equipment warranties or home warranty contracts, etc.

    The Buyer
  • Deposits the funds required, in addition to any borrowed funds, to pay the purchase price with the escrow holder.
  • Deposits funds sufficient for home and title insurance.
  • Arranges for any borrowed funds to be delivered to the escrow holder.
  • Deposits any deed of trust or mortgages necessary to secure loans.
  • Approves any inspection reports, title insurance commitments, etc. called for by the purchase and sale agreements.
  • Fulfills any other conditions specified in the escrow instructions.

    The Lender (if applicable)
  • Deposits proceeds of the loan to the purchaser.
  • Directs the escrow holder on the conditions under which the loan funds may be used.

    The Escrow Holder
  • Opens the order for title insurance.
  • Obtains approvals from the buyer on title insurance report, pest and other inspections.
  • Receives funds from the buyer and/or any lender.
  • Prorates insurance, taxes, rents, etc.
  • Disburses funds for title insurance, recordation fees, real estate commissions, lien clearance, etc.
  • Prepares a final statement for each party indicating amounts to be disbursed for services and any further amounts necessary to close escrow.
  • Records deed and loan documents, and delivers the deed to the buyer, loan documents to the lender and funds to the seller, thereby closing the escrow.